France-Ghana Economic Report 2023-2024 launched

The maiden France-Ghana Economic Report 2023-2024, which marks a milestone in bilateral relations between the two countries, has been launched.

The report, launched by the French Ambassador to Ghana, Jules Armand Aniambossou, at a cocktail soirée at his residence in Accra, also highlighted the economic impact of the investment of more than 60 French companies in Ghana.

In attendance were the Minister of Finance and Economic Planning, Dr Mohammed Amin, representatives of French-owned businesses in the country and members of the France community, among others. 

Significance

Mr Aniambossou also said the report served as a platform to further deepen economic dialogue and cooperation, and facilitate initiatives that could benefit both countries.

“France has invested more than $2 billion in Ghana and created over 50,000 direct and indirect jobs for Ghanaians,” he said.

The ambassador also said that sustainable support through investments from the French Development Agency (AFD), which works closely with the EU, had helped in propelling Ghana’s economy over the years.  

He mentioned companies such as Fanmilk, Société Generale and Total Energy as some of the French supportive partners that were helping to drive Ghana’s economy.

“The collective efforts of Ghanaian and French businesses reflect a commitment to entrepreneurship that defines, to some extent, the future of both of our countries," the ambassador said.

He also emphasised the importance of fostering a dynamic private sector for Ghana’s growth, citing sectors such as energy and technology as critical areas of French investment.

Mr Aniambossou expressed hope that the long-standing relationship between Ghana and France would thrive for many years to come.

Support

The Minister of Finance, Dr Mohammed Amin Adam, acknowledged the importance of France’s ongoing economic and diplomatic support to Ghana’s development.

He said France had been pivotal in restructuring Ghana’s debts, as well as fostering trade and investment partnerships between the two countries.

The minister highlighted the recent $5.1 billion debt restructuring, co-chaired by France and China, as a key example of France’s commitment to Ghana’s economic stability. 

“The exemplary leadership that France showed during this negotiation really demonstrated to me that this relationship cannot be taken for granted,” he said.

The minster added that French businesses contributed significantly to the country's economy in industries such as oil, gas, hospitality and aviation.

He also praised the Ghanaian-French business relationship as a “two-way traffic” where both countries benefit from trade and investment.

Tax obligation

Dr Adam, however, urged French companies to fulfil their tax obligations as “corporate citizens of Ghana” to help drive the nation’s development goals.

He said Ghana’s economy was now recovering to its pre-COVID growth trajectory with a 5.8 per cent growth rate in the first half of 2024.

The minister said sustained growth would, however, require collaboration among the government, private sector and citizens to create jobs and increase prosperity.

He expressed gratitude to the French government for its continued support in driving Ghana’s development agenda.